LGS 200 Exam 2 UPDATED QUESTIONS
AND CORRECT ANSWERS
Contract - CORRECT ANSWER A legally enforceable agreement.
Agreement - CORRECT ANSWER Meeting of minds about a deal.
Offer - CORRECT ANSWER Proposal to enter a contract.
Offeror - CORRECT ANSWER Person making the offer.
Offeree - CORRECT ANSWER Person receiving the offer.
Acceptance - CORRECT ANSWER Agreeing to the terms of the offer.
Promise - CORRECT ANSWER Statement you will do something.
Consideration - CORRECT ANSWER Value exchanged for a promise.
Valid Contract - CORRECT ANSWER Meets all legal requirements.
Bilateral Contract - CORRECT ANSWER Promise exchanged for another promise.
Unilateral Contract - CORRECT ANSWER Promise exchanged for an action.
Express Contract - CORRECT ANSWER Terms clearly stated (spoken or written).
Implied Contract - CORRECT ANSWER Formed through actions/conduct.
, Formal Contract - CORRECT ANSWER Requires specific format by law.
Informal Contract - CORRECT ANSWER No special format required.
Executed Contract - CORRECT ANSWER Fully completed by all parties.
Executory Contract - CORRECT ANSWER Still being performed.
E-Contracts - CORRECT ANSWER Contracts made electronically.
Click-On Agreement - CORRECT ANSWER User clicks 'I agree'.
Contractual Capacity - CORRECT ANSWER Legal ability to make contract.
Voluntary Consent - CORRECT ANSWER Agreement made freely.
Duress - CORRECT ANSWER Forced to agree.
Undue Influence - CORRECT ANSWER Pressure from someone powerful.
Scienter - CORRECT ANSWER Knowing deception or fraud.
Browse-Wrap Terms - CORRECT ANSWER Using website = accepting terms.
Shrink-Wrap Agreement - CORRECT ANSWER Terms included with packaged
product.
AND CORRECT ANSWERS
Contract - CORRECT ANSWER A legally enforceable agreement.
Agreement - CORRECT ANSWER Meeting of minds about a deal.
Offer - CORRECT ANSWER Proposal to enter a contract.
Offeror - CORRECT ANSWER Person making the offer.
Offeree - CORRECT ANSWER Person receiving the offer.
Acceptance - CORRECT ANSWER Agreeing to the terms of the offer.
Promise - CORRECT ANSWER Statement you will do something.
Consideration - CORRECT ANSWER Value exchanged for a promise.
Valid Contract - CORRECT ANSWER Meets all legal requirements.
Bilateral Contract - CORRECT ANSWER Promise exchanged for another promise.
Unilateral Contract - CORRECT ANSWER Promise exchanged for an action.
Express Contract - CORRECT ANSWER Terms clearly stated (spoken or written).
Implied Contract - CORRECT ANSWER Formed through actions/conduct.
, Formal Contract - CORRECT ANSWER Requires specific format by law.
Informal Contract - CORRECT ANSWER No special format required.
Executed Contract - CORRECT ANSWER Fully completed by all parties.
Executory Contract - CORRECT ANSWER Still being performed.
E-Contracts - CORRECT ANSWER Contracts made electronically.
Click-On Agreement - CORRECT ANSWER User clicks 'I agree'.
Contractual Capacity - CORRECT ANSWER Legal ability to make contract.
Voluntary Consent - CORRECT ANSWER Agreement made freely.
Duress - CORRECT ANSWER Forced to agree.
Undue Influence - CORRECT ANSWER Pressure from someone powerful.
Scienter - CORRECT ANSWER Knowing deception or fraud.
Browse-Wrap Terms - CORRECT ANSWER Using website = accepting terms.
Shrink-Wrap Agreement - CORRECT ANSWER Terms included with packaged
product.
